Nasdaq, the premier tech-based stock exchange in the US, has announced that it is putting its cryptocurrency custody service on hold due to changing regulatory conditions. This decision reflects a growing reluctance among traditional financial institutions to delve into cryptocurrency ventures amidst increased regulatory scrutiny from US regulators. Nasdaq’s chief executive, Adena Friedman, explained during an earnings call that the decision was driven by regulatory uncertainty and the company’s preference for operating within clearly delineated regulatory frameworks.
The move by Nasdaq to postpone the launch of its cryptocurrency custody services has significant implications for the industry. According to Charley Cooper, ex-chief of staff at the CFTC, Nasdaq’s decision makes it more challenging for smaller players hoping to establish their own custody services. The industry needs credible custodians, and Nasdaq, with its widespread recognition and regulatory respect, dropping out could hinder the efforts of others.
Despite this setback, there are still several promising cryptocurrencies to consider for investment. Flex Coin (FLEX), Evil Pepe Coin, Stellar, Burn Kenny, and Cardano are some of the best cryptos to buy now. Flex Coin has shown strong fundamentals and favorable technical analysis, with a new year-to-date high and signs of a comeback after a minor decline. Stellar’s native cryptocurrency, XLM, is experiencing an assertive breakout with an impressive upward move and positive technical indicators suggesting a continuation of the current uptrend.
Evil Pepe Coin, although it may sound audacious, has attracted attention and generated hype within the crypto community. With a vibrant community and ambitious goals, this token aspires to replicate the success of Pepe Coin, the most successful meme coin of 2023. Evil Pepe Coin’s presale is ongoing, and it aims to raise $1.996 million by selling 90% of the total token supply.
Burn Kenny is another cryptocurrency that aims to achieve success in the crypto space. Following the success of its South Park-themed counterpart, Mr. Hankey Coin, Burn Kenny seeks to capitalize on its affiliation with the widely acclaimed animated comedy series. With a unique burn mechanism and a token sale scheduled, Burn Kenny has the potential to attract investors.
Cardano (ADA) is showing signs of recovery after a week of bearish sentiment. It is currently trading up with a bullish bias, bouncing off crucial support levels defined by the 20-day and 50-day exponential moving averages. The technical indicators suggest a newly forming bullish trend, but traders should remain cautious and monitor resistance levels.
while Nasdaq has put its cryptocurrency custody service on hold due to changing regulatory conditions, there are still promising cryptocurrencies such as Flex Coin, Stellar, Evil Pepe Coin, Burn Kenny, and Cardano worth considering for investment. It is important for investors to conduct their own research and assess the risks associated with each cryptocurrency before making any investment decisions.